Hi J--it would be a rare occurence to try to negotiate closing costs with a closing company. What you might do instead is ask your Realtor to refer 2 or 3 different closing companies she has worked with who she likes, and check with them. I know of a closing company in my area that changes less than the usual $300, so my thought is that others might,too.

The seller closing costs from the title company are pretty much set and usually about the most flex room there may be would be about $100... maybe, and it doesn't make most closers too happy.

For the buyer closing costs that can be a little different. In the contract did you state which items you would pay, or did you just set an amount for it not to exceed? Buyers fees are quite different from sellers and if no terms were set can include paying for future taxes, insurance, and interest, not to mention home & termite inspections, appraisal, and much, much more. If the items were not named then whatever the max was that you set for the closing costs will probably be reached.

Yes, I am simply referring to the seller's traditional closing costs. As part of the purchase agreement, I agreed to pay $X of the buyer's closing costs.

The closing company was chosen by the buyer. As the seller, I'm just trying to determine what (if any) costs I can negotiate and when is the appropriate time. The closing company has my file, and I know that they charge a standard closing fee of $300. I assumed that was likely the only fee, as a seller, I could negotiate.

Thanks

Jace,

Good question about buyer costs. I just assumed that he was referring to his own costs. I guess if he is paying the buyer's closing costs, he should be a little more diligent..if it's not too late. Hopefully, the contract was specific and costs were capped. J, let us know.

In Oklahoma, some closing costs are negotiable, to a point. Overall, relax ... title company fees are the least expensive part of a closing process!!!

It is an "unwritten suggestion" that a Buyer chooses the closing location. So, if you are granting the Buyer's request of company and location, please discuss fees as soon as the company is deemed to have the file in possession & in process. You may be fixed to what they are offering.

If you have specified in the listing that the closing must occur at XYZ Company, you should have negotiated the fees before disclosing the location/company requirement. If you have a Realtor involved, they should be able to get the best rate for you! Let him/her do the footwork & try to trust their judgement. You have bigger fish to fry, like packing!

Regardless of Realtor involvement or not, try not to frustrate title companies with a "back & forth" process in fee negotiations. If you do, you may have trouble getting any one to work with you at a smooth pace. Most fees are standardized & as a Seller, abstracting may be the biggest fee you incur, from a title comany expense.

I have not had very good experiences in a closing process, when Buyers &/or Sellers try to directly negotiate closing fees. As a Realtor, let me worry about the best rate & location! You worry about the best boxes to use!

Good Luck!

Which closing costs are you asking about? Are you talking about strictly the traditional seller costs, or are you also talking about buyer costs?

GREAT QUESTION:

Most of closing costs are state regulated.

Lynn911
~ National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer

Many of the costs charged to you by the title company are costs that they are actually being charged and have to pay someone else. So, they are biling you for items that they are getting billed for.. Some companies offer periodical discounts, military discounts, etc., doesn't hurt to ask but don't expect them to cut the price on items that they are actually being charged for.

A title company can be less in cost than an attorney closing but you'll have to decide the importance of the extra $75 or so.